Coinme, the world’s largest Bitcoin ATM network, secured $1.5 million from Ripple’sXpring fund. The investment could suggest that XRP will soon get listed on Coinme’s network of over 2,600 kiosks.

Coinme, through its partnership with Coinstar, hosts the world’s largest Bitcoin ATM network with over 2,600 kiosks across the United States. Today, the startup received a $1.5 million investment from Xpring, an executive from Coinme told CryptoSlate. This is the fund’s first investment in the cryptocurrency ATM industry.

Xpring is Ripple’s initiative that invests in “proven entrepreneurs” who will “use XRP and the XRP Ledger.” More broadly, Xpring invests and partners with companies working in the domains of interoperability, decentralized finance, and crypto-based payments. A few of the companies the fund has already invested in includes Dharma, Securitize, and Coil.

The investment is part of a recently opened series A round from Coinme, with the Seattle-based firm looking to raise a total of $11.8 million.

“Coinme is paving the way for mainstream adoption of digital currencies—making it easy for everyone to access cryptocurrencies and use them for payments and cash-based remittances,” said Ethan Beard, a senior vice president at Ripple.

Currently, Coinme only offers Bitcoin at its ATMs. However, the investment from Ripple could indicate that the company is working to roll out XRP on its massive network of kiosks. CryptoSlate reached out to both Coinme and Ripple for confirmation and has yet to receive comments.

Coinme plans on using the additional capital to expand its network. The company is working to obtain additional licenses to operate in more locations in the United States while expanding to key international markets.

Like what you see? Get more XRP ATMs news in your inbox…

Subscribe to CryptoSlate Recap, our daily newsletter containing the top stories and analysis.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Related Articles

Parts of BlocKit. Credit: Irni Khairuddin A kit made from everyday objects is bringing the blockchain into the physical world. The ‘BlocKit’, which includes items such as plastic tubs, clay discs, padlocks, envelopes, sticky notes [… more …]

Litecoin has performed well as the halving is closing in. Litecoin surged from less than 70 USD in April to now more than 120 USD representing roughly a 71% surge. The fundamentals continue to look [… more …]

Ethereum [ETH] has been holding steady on the cryptocurrency charts, maintaining a healthy disparity in terms of market cap with XRP. The Ethereum community is also waiting for its proposed hard fork titled, ‘Constantinople’, which [… more …]